CarMax taps former IHG chief Keith Barr as CEO
Tweet
Share
E-mail
CarMax logo is seen in this illustration taken June 27, 2022. REUTERS/Dado Ruvic/Illustration
Feb 12 (Reuters) - CarMax on Thursday named Keith Barr as its next chief executive, who will take over the helm at the used-car retailer as it navigates a turnaround plan and lower demand.
Shares of the company were down more than 5% in early trading.
Barr, a veteran from the hospitality industry, most recently served as the top boss at InterContinental Hotels Group. He takes charge effective March 16.
CarMax has to navigate a choppy used vehicle market amid a nationwide dip, as cash-conscious buyers hold on to their older cars for longer.
It has relied on initiatives including some job cuts to soften a blow from lower demand and margin pressures, as inflationary headwinds continue to weigh on buyers.
Jeff Lick, an analyst at Stephens, said the appointment may temper takeover speculation, but noted Barr's lack of auto retail turnaround experience.
During the third quarter, the company's interim CEO, David McCreight, said "It is clear CarMax needs change."
CarMax's earlier CEO, Bill Nash, stepped down in November amid a broader leadership shake-up.
(Reporting by Apratim Sarkar; Editing by Shailesh Kuber and Maju Samuel)
Create E-mail Alert Related Categories
ReutersRelated Entities
LayoffsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
